Skanska's acquisition will double its UK turnover to £300m
Skanska has paid £50m for street works contractor McNicholas doubling its turnover in the UK.
McNicholas has a strong coverage of highways maintenance, power, gas, water and rail projects in London and the South-east and in 2005 posted a turnover of £150m. The combined business will give Skanska a UK turnover of £300m
David Fison, chief executive ofSkanska UK, said: “The acquisition of McNicholas Plc is part of our strategy to grow and develop our UK utilities and infrastructure services business. We know McNicholas Plc well and have developed an excellent working relationship through our successful joint venture undertaking the gas distribution mains replacement programme for National Grid in the north London area."
McNicholas will be merged with Skanska UK’s existing utilities operating unit, headed up by Stewart Keeble.
Michael Doherty, managing director of McNicholas Plc, said: “The integration of our businesses is very positive for both customers and employees. The coming together of Skanska and McNicholas will allow us to accelerate our strategic plans, to broaden our solutions and build a service-offering which very few competitors will be able to match.”